Economy

International trade involves an exchange of currencies. When an English Merchant buys goods from a French merchant payment must be made...

The characteristics of land set out above also apply to certain forms of capital. Some economists for this reason have...

Economics distinguished from Politics and Ethics Politics and ethics are normative studies, that is to say they are concerned with...

All employment is caused by spending. If for example no one bought clothes all the tailors would be unemployed, and...

Theories of the general level of employment are largely a product of the period after the Firs World War. Before...

which entrepreneurs would not produce. The amount of  profit required to call forth production will vary with the amount of...

Short and Long Term Rates So far we have discussed interest as if there were only one rate, but there...

The Nature Of Profit We may define profit as the difference between the total expenses and the total revenue of...

In a modern society there is always a good deal of borrowing. This is a natural consequence of the fact...

The simplest way in which to pay wages is to pay time rates; in this system the appropriate amount is...